Re:Iberia claims it is part of a department store to avoid B...
by ynniv on Thursday January 03, 2019 @12:37PM
(#18817046)
From El Pais: Garanair has no economic rights over Iberia, and is itself nearly worthless (its 7,000 shares are worth one euro).
Some European M&A lawyer just had a heart attack. I bet this structure looked great to when no one was paying attention... Let's see how well it holds up under the gaze of ten thousand lawyers trying to re-unite $15B in market cap with a "worthless" parent company. British Airways may find it's been a wholy owned subsidary of El Corte Ingles this whole time.
Some European M&A lawyer just had a heart attack. I bet this structure looked great to when no one was paying attention... Let's see how well it holds up under the gaze of ten thousand lawyers trying to re-unite $15B in market cap with a "worthless" parent company. British Airways may find it's been a wholy owned subsidary of El Corte Ingles this whole time.